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Posted by orandov on February 17, 2007, 5:36 am
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I am trying to find out the Standard Deduction on federal
income tax broken down by the payroll period
(weekly,biweekly, etc....) Anyone know where I can get it?
Thanks,
Oran
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Posted by Phil Marti on February 18, 2007, 4:09 am
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> I am trying to find out the Standard Deduction on federal
> income tax broken down by the payroll period
IRS Publication 15.
--
Phil Marti
Clarksburg, MD
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<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
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Posted by Rich Carreiro on February 18, 2007, 4:09 am
Please log in for more thread options orandov@gmail.com writes:
> I am trying to find out the Standard Deduction on federal
> income tax broken down by the payroll period
> (weekly,biweekly, etc....) Anyone know where I can get it?
It doesn't quite work that way, but for all you
ever wanted to know about calculating income tax
withholding, see IRS Publication 15.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Herb Smith on February 18, 2007, 4:09 am
Please log in for more thread options oran...@gmail.com wrote:
> I am trying to find out the Standard Deduction on federal
> income tax broken down by the payroll period
> (weekly,biweekly, etc....) Anyone know where I can get it?
The Standard Deduction (for your filing status) has no
connection to whatever payroll schedule you happen to be on.
So, what is this going to do for you? The easiest answer is
to divide the SD by the number of pay periods in a year.
Should be a pretty easy chart to construct.
Just realize that you qualify to use the standard deduction
whether you work for one week, one month or one year.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Ernie Klein on February 18, 2007, 4:09 am
Please log in for more thread options orandov@gmail.com wrote:
> I am trying to find out the Standard Deduction on federal
> income tax broken down by the payroll period
> (weekly,biweekly, etc....) Anyone know where I can get it?
I don't think you mean "standard deduction" which is the
amount that you can reduce your taxable income by instead of
using actual itemized deductions when you file your taxes.
For 2006 that amount is $5,150 for single, $10,300 for MFJ
and $7,550 for HOH. It has nothing to do with how you are
paid.
Do you mean the amount that is _withheld_ from each paycheck
for paying your federal income tax? If so, the amount that
is withheld each pay period is dependent on the information
you provided to your employer on your W-4 form. If you have
more than one employer or if you have other taxably sources
of income not subject to withholding, such as interest
income or dividends, then you may need to ask for an
additional amount to be withheld each pay period to make up
for the shortfall (or pay quarterly estimated taxes
instead).
To find out the proper amount that should be withheld for
you and your particular circumstances there is a withholding
calculator on the IRS web site that will give you the
numbers that I think you are asking for:
http://www.irs.gov/individuals/article/0,,id=96196,00.html
--
-Ernie-
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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